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Oil goes off the boil | MoneyWeek

Oil goes off the boil | MoneyWeek
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Higher production to weigh on oil prices, say analysts


Higher production to weigh on oil prices, say analysts
The Punch
Published 22 July 2021
Higher crude oil production by the Organisation of the Petroleum Exporting Countries and its allies will weigh on prices, analysts at Capital Economics, a London-based economic research firm, have said.
They said the OPEC+ agreement, signed on Sunday, should help to stabilise oil prices. Brent crude is expected to trade in a narrow band of between $70 and 75 per barrel over next six months.
“But we expect Brent to fall into the $60-70 range in 2022 as more global supply comes onto the market,” the Assistant Commodities Economist, Samuel Burman, said in a note. ....

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